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Olympus may sue executives for $1.2 billion

Monday, January 09, 2012 - 01:28

Jan. 9 - Japan's Olympus considering suing past and present executives to recover $1.2 billion, president may resign. Arnold Gay reports.

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Reports place the lawsuit in the region of $1.2 billion and may include present executives, but the scandal-tainted company would not comment beyond saying details would be released on Tuesday (Jan 10). A Reuters source says the endoscope and camera maker is preparing to sue to help cover losses totalling $1.7 billion that has savaged the 92-year-old firm. Meantime, Kydo is reporting that current President Shuichi Takayama may step down by the end of the month to take responsibility for concealing the losses. Takayama has so far resisted calls to resign, saying he was not involved with hiding losses, and that his first responsibility was to rebuild the company's business after the scandal wiped out 60 percent of its market capitalisation. But an external panel appointed by the company included him as one of six current board members who breached their duties by allowing former chairman Tsuyoshi Kikukawa and others to thin out Olympus's assets. Kikukawa stepped down in October after ousted CEO Michael Woodford blew the whistle on his involvement in the accounting fraud. Separately, the Jiji News is reporting that the Tokyo Stock Exchange (TSE) is in final talks to keep Olympus listed. The firm met a December 14th deadline to restate its earnings, but the TSE has so far kept the firm on its watch list. Arnold Gay, Reuters.

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Olympus may sue executives for $1.2 billion

Monday, January 09, 2012 - 01:28